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News India’s Rank Rises to 100 in World Bank’s Doing Business Report, 2018 he World Bank, on 31 October, 2017 2. Major achievements in the World Bank in the st released the Doing Business (DB) Report, Doing Business Report T2018. The Department of Industrial Policy and Promotion (DIPP) is pleased to announce that The important highlights of India’s performance India ranks 100 among 190 countries assessed by are: the Doing Business Team. India has leapt 30 ranks 1. Resolving Insolvency - over its rank of 130 in the Doing Business Report 2017. a. Rank improved from 136 to 103 The DB Report is an assessment of 190 b. Distance to Frontier (DTF) score improved economies and covers 10 indicators which from 32.75 to 40.75 span the lifecycle of a business. The table below provides a comparison of this year’s and last c. Strength of insolvency framework index year’s report. India has improved its rank in 6 increased from 6 to 8.5 out of 10 indicators and has moved closer to international best practices (Distance to Frontier d. Insolvency & Bankruptcy Code created for score). The credit for this significant improvement efficient handling of restructuring & insolvency is credited to the mantra of “Reform, Perform, proceedings Transform” given by the Prime Minister, wherein a strong leadership has provided the political e. Professional institutes set up for handling will to carry out comprehensive and complex restructuring & insolvency proceedings reforms, supported by a bureaucracy committed 2. Paying Taxes - to perform. The Government has undertaken an extensive exercise of stakeholder consultations, a. Rank improved from 172 to 119 identification of user needs, government process b. DTF score improved from 46.58 to 66.06 re-engineering to match Government rules and procedures with user expectations and c. Payments reduced from 25 to 13 in a year streamlined them to create a more conducive business environment. An extensive exercise is d. Time reduced from 241 to 214 hours also undertaken to increase awareness among e. Total tax rate reduced from 60.6% to 55.3% users about reforms to ensure extensive use of (% of profit) newly created systems. f. Post filing index improved from 4.3 to 49.31 This edition of the report acknowledges India as a top improver, with an improvement g. Enabled electronic registration, return & of 30 ranks compared to last year’s report, the payment of ESI & EPF contributions highest jump in rank of any country in the DB Report, 2018. India is the only country in South 3. Getting credit – Asia and BRICS economies to feature among a. Rank improved from 44 to 29 most improved economies of the DB Report this year. b. DTF score improved from 65 to 75 56 Laghu Udyog Samachar